Section 114-60.7 -- Stores Records

The value of stores property acquired and disposed of shall be recorded in a general ledger control account for stores where the quantity or value of items stocked, volume of work or other factors necessitate the establishment of a stores account. At the discretion of the head of each bureau/office, acquisitions of stores property in the following categories need not be recorded in a general ledger control account, but may be charged directly to the program or project benefited:

1. Materials and supplies purchased for immediate application on a specific project or job.
2. Materials and supplies purchased for single purposes, such as those procured against a bill of materials for a specific construction project, even though such materials may be stored for future use, consumption or installation. In such cases, however,records showing quantity and descriptive information of the items involved shall be maintained as necessary to insure proper management and control of such inventories.

114-60.701 -- Storehouse Records

The general ledger control account for stores shall be supported by detailed records to adequately identify the units of property, the costs of which are charged to the stores account. These records shall provide a permanent record of the acquisition and dispositon of all stores items, as well as information needed forinventory control and management purposes. Storehouse records are subject to both internal and external audit and all entries made therein shall be adequately supported by valid acquisition, issue and disposal documents. Departmental or appropriate bureau/office forms shall be used for this purpose.

114-60.702 -- Periodic Reconciliation

Both stores records and the related stores accounts shall be brought into agreement based upon the results of physical inventories at least once each year. Any differences shall be documented, reconciled and adjusted, in accordance with sound accounting practices.

114-60.703 -- Designation of Employees Authorized to Withdraw Property or Stores from a Storehouse

The Accountable Officer shall designate, by name, in writing, the employees to whom materials and supplies may be issued, and/or to whom responsibility for non-expendable property may be assigned. The number of designees should be held to the lowest practicable level.

114-60.704 -- Documentation of Issues

All issues of stores property shall be documented by a receipt obtained at the time the property is removed from the storehouse or other storage area. Form DI 104 or equivalent bureau or office form shall be used for this purpose. (see IPMD 114-60.203.) Issues of non-expendable property will be documented as prescribed in Subpart 114-60.7.

114-60.705 -- Records and Control of Tax-free Alcohol

Bureaus/offices are responsible for establishing inventory controls at each installation authorized to procure and use tax-free alcohol to ensure that:

1. Purchases of tax-free alcohol are restricted to amounts needed for foreseeable requirements.
2. Inventories are maintained at minimum levels consistent with anticipated needs.
3. Receipts and issues from inventory are documented and processed in conformance with the formal stores accounting methods prescribed in this Subpart.
4. Inventory and working stocks of tax-free alcohol are stored in a secure area with access limited to designated personnel.
5. Withdrawals from inventory are made only upon written authorization stating the use to be made of the alcohol and the exact quantity to be issued.

114-60.705-1 -- Annual Review and Report of Tax-free Alcohol

1. Review. An annual review shall be made of all tax-free alcohol transactions to include:
2. 1. Verification of inventory and working stock balances.
   2. Analysis of purchases, receipts and issues.
   3. Verification of official use.
   4. Full disclosure and reconciliation of unaccountable quantities.
   5. Checking entire alcohol handling operation for compliance with applicable regulations.
2. Report. If the annual review discloses (1) excessive purchases or use of alcohol in relation to the work performed, (2)inadequate physical or record controls or (3) any indication of possible unauthorized use, a written report of such disclosure, including supporting details, shall be made to the bureau PMO for appropriate remedial action.